Dear Friends,
What would the Tax imposed on various components of Salary/month?
You can answer giving examples or as per the company norms where you are working.
I will be grateful if you answer my question?
Please reply...
Regards,
Anu.
From India, Pune
17What would the Tax imposed on various components of Salary/month?
You can answer giving examples or as per the company norms where you are working.
I will be grateful if you answer my question?
Please reply...
Regards,
Anu.
From India, Pune
Dear CITE HR Team, Tax imposed on Conveyance Allowance. So if you want to make a salary component then it should be assure that "Conveyance Allowance" should be fixedup or less than 800/-.
From India, Lucknow
From India, Lucknow
Dear Anu,
Yes. Conveyance allowance is exempted from IT upto a max of Rs.800/- p.m. So you can fix upto Rs.800/-.
I am giving below the practice which I have implemented in my organisation.
1. HRA - Exemptions to be given as per IT act (which you must be aware. Otherwise, I will help you to update). If the employee is paying rent, he has to produce the rent receipt. If the employee is staying in his own house or if he can't product the rent receipt, we can't allow exemption.
2. Conveyance - as given above
3. LTA - Exempted from tax if claimed twice in a block of 4 years, subject to producing valid bills to support the claims.
4. Medical expenes - allowed as per IT Act.
5. Food coupons - fully exempted from IT of FBT upto a certain limit.
Regards
BHAVAN
From India, Bangalore
Yes. Conveyance allowance is exempted from IT upto a max of Rs.800/- p.m. So you can fix upto Rs.800/-.
I am giving below the practice which I have implemented in my organisation.
1. HRA - Exemptions to be given as per IT act (which you must be aware. Otherwise, I will help you to update). If the employee is paying rent, he has to produce the rent receipt. If the employee is staying in his own house or if he can't product the rent receipt, we can't allow exemption.
2. Conveyance - as given above
3. LTA - Exempted from tax if claimed twice in a block of 4 years, subject to producing valid bills to support the claims.
4. Medical expenes - allowed as per IT Act.
5. Food coupons - fully exempted from IT of FBT upto a certain limit.
Regards
BHAVAN
From India, Bangalore
Hi
I have question related to the tax exemption.
What is "other Allownce category" in the salary brek up.IS it fully exempted from tax.
My Manager ctc is 7.2Lac pa. & he gets "other Allowances-Driver Salary,Books Purchased & Seminars".
I want to know what all we is included in other allowance & is this is exempted fully?
Regards,
From India, Delhi
I have question related to the tax exemption.
What is "other Allownce category" in the salary brek up.IS it fully exempted from tax.
My Manager ctc is 7.2Lac pa. & he gets "other Allowances-Driver Salary,Books Purchased & Seminars".
I want to know what all we is included in other allowance & is this is exempted fully?
Regards,
From India, Delhi
The article is very good and meaningful, hope that in the next article you will update with good and new information to share information with readers, thank you for sharing.
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Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
P-TAX.csv